Form 4: EVP Roberts Converts GNTY Shares to Glacier Stock

EVP A. Craig Roberts of Guaranty Bancshares converted his equity holdings into Glacier Bancorp stock and options following the merger effective October 1, 2025.

Summary

• EVP A. Craig Roberts disposed of 22,234 shares of Guaranty Bancshares, Inc. common stock held directly.
• An additional 34,164 shares of Guaranty Bancshares, Inc. common stock held indirectly via KSOP were also disposed of.
• These shares were exchanged for 22,234 and 34,164 shares, respectively, of Glacier Bancorp, Inc. common stock, valued at $48.75 per share on the merger's effective date.
• Two stock options, one for 1,568 shares at an exercise price of $27.47 and another for 1,673 shares at an exercise price of $29.16, became fully vested due to the merger.
• These options were assumed by Glacier Bancorp, Inc. and replaced with equivalent options to purchase Glacier common stock.
• The transaction occurred on October 1, 2025, as part of the Plan and Agreement of Merger between Guaranty Bancshares, Inc. and Glacier Bancorp, Inc.
• A special cash dividend of $2.30 per share of common stock was paid by Guaranty Bancshares, Inc. on September 23, 2025, which also led to adjustments in the stock option terms.

Sentiment

Score: 7

Explanation: The filing reports the successful completion of a merger and the conversion of executive equity, which is a positive outcome for the reporting person, indicating continued participation in the combined entity and the full vesting of options. The special dividend also adds a positive note for shareholders prior to the merger.

Positives

• The reporting person's stock options became fully vested upon merger completion.
• Continued equity participation in the combined entity through Glacier Bancorp, Inc. common stock and options.
• A special cash dividend of $2.30 per share was paid to shareholders prior to the merger.

Negatives

• Disposal of Guaranty Bancshares, Inc. equity, though this is a direct consequence of the merger and not necessarily a negative event for the insider.

Future Outlook

The filing reports a completed merger transaction and the subsequent conversion of equity holdings, providing no explicit forward-looking statements or guidance beyond the existence of new Glacier Bancorp, Inc. stock options with future expiration dates.

Industry Context

This transaction reflects the ongoing consolidation trend within the U.S. banking sector, where smaller regional banks are often acquired by larger institutions to achieve economies of scale, expand market reach, and enhance competitive positioning. The conversion of equity holdings is a standard procedure for executives of acquired companies, integrating them into the acquiring entity's compensation structure.

Stakeholder Impact

• Shareholders (of GNTY): Received consideration for their shares (Glacier stock and/or cash, as per merger terms), and a special cash dividend.
• Reporting Person (EVP Roberts): Converted equity holdings into the acquiring company's stock and options, ensuring continued equity participation and full vesting of existing options.

Key Dates

Keywords

Guaranty Bancshares, Glacier Bancorp, Merger, Form 4, Insider Transaction, Equity Conversion, Stock Options, GNTY, Glacier Bank, Financial Services, Banking M&A